Page:United States Statutes at Large Volume 115 Part 1.djvu/978

 115 STAT. 956 PUBLIC LAW 107-96 —DEC. 21, 2001 Columbia Home Rule Act, for each of the fisced years 2004 and 2005, the budget of the District government for the fiscal year shall contain a cumulative cash reserve of $50,000,000. "(3) CONDITIONS ON USE.— The District of Columbia may obligate or expend amounts in the budget reserve under paragraph (1) or the cumulative cash reserve under paragraph (2) only in accordance with the following conditions: Certification. "(A) The Chief Financial Officer of the District of Columbia shall certify that the amounts are available. "(B) The amounts shall be obligated or expended in accordance with laws enacted by the Council in support of each such obligation or expenditure. "(C) The amounts may not be used to fund the agencies of the District of Columbia government under court ordered receivership. "(D) The amounts may be obligated or expended only if the Mayor notifies the Committees on Appropriations of the House of Representatives and Senate in writing 30 days in advance of any obligation or expenditure. "(4) REPLENISHMENT. — Any amount of the budget reserve under paragraph (1) or the cumulative cash reserve under paragraph (2) which is expended in 1 fiscal year shall be replenished in the following fiscal year appropriations to maintain the required balance.". (b) EFFECTIVE DATE.— The amendment made by subsection (a) shall take effect October 1, 2001. (c) CONFORMING AMENDMENTS.— Section 159(c) of the District of Columbia Appropriations Act, 2001 (Public Law 106-522; 114 Stat. 2482) is amended to read as follows: "(c) EFFECTIVE DATE.— "(1) IN GENERAL.— Except as provided in paragraph (2), this section and the amendments made by this section shall take effect on October 1, 2000. " (2) REPEAL OF POSITIVE FUND BALANCE REQUIREMENT.— The amendment made by subsection (b)(2) shall take effect October 1, 1999. "(3) TRANSFER OF FUNDS.^AH funds identified by the District government pursuant to section 148 of Public Law 106- 113, as reflected in the certified annual financial report for fiscal year 2000, shall be deposited during fiscal year 2002 into the Emergency and Contingency Reserve Funds established pursuant to section 159 of Public Law 106-522, during fiscal year 2002. ". (d) CONTINGENCY RESERVE FUND. —Section 450A(b) of the Home Rule Act (Public Law 93-198) is amended— (1) by striking paragraph (1) and inserting the following: "(1) IN GENERAL. —There is established a contingency cash reserve fund (in this subsection referred to as the 'contingency reserve fund') as an interest-bearing account (separate from other accounts in the General Fund) into which the Mayor shall deposit in cash not later than October 1 of each fiscal year (beginning with fiscal year 2002) such amount as may be required to maintain a balance in the fund of at least 3 percent of the total budget appropriated for operating expenditures for such fiscal year which is derived from local funds (or, in the case of fiscal years prior to fiscal year 2007, such amount as may be required to maintain a balance in the

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